by Tom Luongo, Tom Luongo:

The leaders of the European Union met last week to discuss how to rearrange the deck chairs on their political Titanic. While the decisions to continue to monetarily support Ukraine and now Israel dominated the headlines, the real story is that what they have to get right is the new budget rules.

And that discussion is important in the context of continued tight monetary policy by the Fed and now the potential for fiscal sanity coming from Capitol Hill with new Speaker of the House Mike Johnson than it was a year ago.